bp has finalized the acquisition of participating interests in two offshore blocks in Azerbaijan's sector of the Caspian Sea, becoming the operator of both projects, according to a statement from Azerbaijan's state news agency, AZERTAC, on Tuesday.
The agreements were signed with SOCAR, Azerbaijan's state oil company, during Baku Energy Week.
The first asset is the Karabakh oil field, located 120 kilometers east of Baku and 20–25 kilometers from the Gunashli field, in water depths of 150 to 200 meters. The field is governed by a risk service agreement (RSA) signed in 2018.
The second block comprises the Ashrafi–Dan Ulduzu–Aypara (ADUA) area, situated 90 to 110 kilometers northeast of Baku, in waters 80 to 180 meters deep. The area includes several existing discoveries and exploration prospects under a production sharing agreement (PSA) also signed in 2018.
Under the deal, bp acquired a 35% stake in both the RSA and PSA, with SOCAR retaining the remaining 65%. bp will assume operatorship of both contracts.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr